Https://youtu.be/O6XL2CDPU?list=PLA46DB4506062B62B Let’s Review from Ch 1.3 https://youtu.be/O6XL2CDPU?list=PLA46DB4506062B62B.

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https://youtu.be/O6XL__2CDPU?list=PLA46DB4506062B62B Let’s Review from Ch 1.3 https://youtu.be/O6XL__2CDPU?list=PLA46DB4506062B62B

Macro vs. Micro and Economist’s Toolbox 1.4

How do you use data in everyday life? The ability to interpret data is an essential skill in the increasingly technological world. Books Work Web sites Newspaper FCAT/College Test results

Working with Data Using Economic Models Using Charts and Tables Economic models focus on a limited number of variables based on assumptions and use simplification expressed in words, graphs, equations Using Charts and Tables Economists look for statistical relationships, trends, connections Charts and tables display data in rows and columns can reveal patterns by showing numbers in relation to other numbers

Microeconomics Study of Economic Behavior in a section of the economy (part of an economy) such as individuals, families and businesses. Also know as Market Economics Examples: house sales, service products, unskilled labor

Macroeconomics Study of the Economic behavior as a whole. Also known as National Economics

Who would be concerned with the following: Answer either a Macroeconomist or a Microeconomist A large corporation going bankrupt Unemployment statistics of the US A rise in inflation rates The success of fast-food restaurants in Citrus County

Who would concerned with the following: Answer either a Macroeconomist or a Microeconomist A large corporation going bankrupt - Micro Unemployment statistics of the US - Macro A rise in inflation rates - Macro The success of fast-food restaurants in Citrus County - Micro

Market The means by which buyers and sellers carry out exchanges. Who is involved: -Households -Businesses -Governments -Foreign countries

Identify different groups of customers who might choose to purchase a Ford F150? Answer on your own paper

https://youtu.be/mN5HPJYJzus?list=PLA46DB4506062B62B

Circular-Flow Model CONTEMPORARY ECONOMICS: LESSON 1.2

Adam Smith Economist in the 1700s He argued that the invisible hand of market (competition) will promote the general welfare. The idea is still popular today.

Positive Economics and Normative Economics KEY CONCEPTS Positive economics describes and explains economic behavior as it is uses verifiable facts; does not make judgments Normative economics studies what economic behavior should be makes value judgments to recommend future actions

Reviewing Key Concepts Explain the differences between the terms in each of these pairs: statistics and economic model macroeconomics and microeconomics positive economics and normative economics

Links http://www.cleanvideosearch.com/media/action/yt/watch?videoId=ukQ1ZVCp72o – Micro vs. Macro (Models series – 2:10) http://www.youtube.com/watch?v=w8tUIq7Blsg&feature=relmfu – video (1:00) http://www.youtube.com/watch?v=uvnHPeQrk0E&feature=relmfu – graph review (4:30)